Mar 20, 2013
March 20, 2013
Compiled 20:45 GMT
Compiled 20:45 GMT
By DENISE GRADY
Genetically altering a patient's immune cells has, for the first time, produced remissions in adults with a virulent blood cancer. In one patient, the disease vanished in eight days.
By LIZ ALDERMAN and DAVID M. HERSZENHORN
One proposal would nationalize pension funds from state-run companies and hold an emergency bond sale in an effort to raise €5.8 billion.
By CHOE SANG-HUN
The police were investigating the possibility of a North Korean cyberattack on Wednesday as the South Korean government braced for more possible disruption.
By MARK LANDLER and JODI RUDOREN
President Obama traveled to Israel for the first time in his presidency, bearing a message of solidarity and defense against threats.
By JODI RUDOREN and ISABEL KERSHNER
During a visit to Israel, President Obama will confront a public still smarting from perceived slights in years past.
By JODI RUDOREN
No American flags or banners to greet President Obama in the West Bank, but some protests have begun; on most posters, Mr. Obama's face has been painted over or torn off.
By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks climbed Wednesday, with the S&P 500 snapping its first three-day losing run this year, after the Federal Reserve said it would continue to support the U.S. economy.
Bernanke: Bond buying to continue
Federal Reserve Chairman Ben Bernanke gives his outlook on the U.S. economy during a news conference after interest rates were left unchanged.
The S&P 500 index SPX +0.67% added 10.37 points, or 0.7%, to 1,558.71, leaving it 6.44 points from its all-time closing high, hit in October 2007. Consumer companies led the gains among its 10 major industry groups.
The Federal Reserve maintained its policies on bond purchases and record-low interest rates, projecting “a return to moderate economic growth following a pause late last year.”
“There is a safety net called the Fed that is under the market now, and when that is taken away, the market could run into some white water, but we think that comes later this year,” said Jim Russell, senior equity strategist for U.S. Bank Wealth Management in Cincinnati.
At his news conference, Federal Reserve Chairman Ben Bernanke said he did not find anything out of line with the stock market’s climb, citing growing optimism about the economy.
“Our target this year for the S&P is 1,625, so there’s a 5% upside from yesterday’s close. We don’t think it’s going to be a straight line up, there will be volatility, but we are cautiously optimistic,” David Allon, a senior financial professional at FirsTrust Financial Resources LLC.
Cyprus keeps running to Russia
A look at the relationship that has built up between Russia and Cyprus since communism fell. The problem now is whether this undermines the country’s membership with the euro zone. Photo: Reuters
The Nasdaq Composite Index COMP +0.78% climbed 25.09 points, or 0.8%, to 3,254.18.
For every stock that fell, nearly three gained on the New York Stock Exchange, where almost 673 million shares traded.
Composite volume cleared 3.3 billion.
FedEx Corp. FDX -0.15% shares slumped 6.9% after the economic bellwether reduced its 2013 earnings forecast as more customers resorted to less costly options.
A key factor for Wall Street as it moves into the second quarter is the pace and timing of the Fed’s backing away from its $85 billion a month quantitative-easing commitment.
Europe also remains a factor for markets, with an updated proposal that sought to soften a controversial tax on bank deposits in Cyprus outright rejected by the island nation’s parliament on Tuesday. Read MarketWatch’s live stream on Cyprus.
The European Central Bank said it would provide liquidity to Cyprus, where banks are closed until Tuesday, giving the European Union more time to get the upper hand on a rescue. Here’s what could happen next with Cyprus.
On the New York Mercantile Exchange, gold futures GCJ3 -0.14% fell and oil prices CLJ3 +1.17% gained, with the former off $3.80, or 0.2%, to 1,607.50 an ounce and the latter rising 80 cents, or 0.9%, to $92.96 a barrel.
Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson.
DealBook P.M. Edition March 20, 2012.: White Collar Watch: With Freddie Mac Suit, Banks Face Billions More in Libor Claims
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Wednesday, March 20, 2013